DAVENPORT & Co LLC raised its position in CubeSmart (NYSE:CUBE - Free Report) by 21.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 124,976 shares of the real estate investment trust's stock after buying an additional 22,117 shares during the period. DAVENPORT & Co LLC owned 0.05% of CubeSmart worth $5,338,000 as of its most recent filing with the SEC.
Other hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp boosted its holdings in shares of CubeSmart by 134.1% in the 4th quarter. Jones Financial Companies Lllp now owns 679 shares of the real estate investment trust's stock worth $29,000 after buying an additional 389 shares during the last quarter. SRS Capital Advisors Inc. raised its position in CubeSmart by 310.6% in the fourth quarter. SRS Capital Advisors Inc. now owns 739 shares of the real estate investment trust's stock worth $32,000 after acquiring an additional 559 shares during the period. Huntington National Bank boosted its stake in CubeSmart by 307.0% in the fourth quarter. Huntington National Bank now owns 1,213 shares of the real estate investment trust's stock valued at $52,000 after acquiring an additional 915 shares during the last quarter. Quantbot Technologies LP bought a new position in shares of CubeSmart during the 4th quarter valued at approximately $58,000. Finally, Farther Finance Advisors LLC grew its position in shares of CubeSmart by 446.2% during the 1st quarter. Farther Finance Advisors LLC now owns 1,797 shares of the real estate investment trust's stock valued at $76,000 after acquiring an additional 1,468 shares during the period. Institutional investors own 97.61% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms recently commented on CUBE. Barclays lowered their price target on shares of CubeSmart from $49.00 to $48.00 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Truist Financial boosted their target price on CubeSmart from $47.00 to $48.00 and gave the company a "buy" rating in a research note on Monday, May 19th. Evercore ISI increased their price target on CubeSmart from $44.00 to $47.00 and gave the stock an "in-line" rating in a research note on Friday, May 2nd. BNP Paribas raised CubeSmart to a "hold" rating in a report on Tuesday, June 24th. Finally, Mizuho upped their price objective on shares of CubeSmart from $39.00 to $43.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $47.38.
Check Out Our Latest Stock Analysis on CubeSmart
CubeSmart Price Performance
Shares of NYSE:CUBE opened at $43.51 on Friday. The company has a 50 day moving average of $42.41 and a 200 day moving average of $41.69. The company has a current ratio of 0.07, a quick ratio of 0.07 and a debt-to-equity ratio of 1.17. The stock has a market cap of $9.92 billion, a P/E ratio of 25.75, a P/E/G ratio of 7.91 and a beta of 0.96. CubeSmart has a 12 month low of $34.24 and a 12 month high of $55.14.
CubeSmart (NYSE:CUBE - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The real estate investment trust reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. CubeSmart had a net margin of 37.05% and a return on equity of 13.57%. The firm had revenue of $273.04 million during the quarter, compared to analyst estimates of $268.16 million. During the same period in the previous year, the business earned $0.64 EPS. The business's revenue for the quarter was up 4.4% on a year-over-year basis. As a group, sell-side analysts forecast that CubeSmart will post 2.64 EPS for the current fiscal year.
CubeSmart Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Tuesday, July 1st will be given a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.78%. The ex-dividend date is Tuesday, July 1st. CubeSmart's dividend payout ratio (DPR) is currently 123.08%.
CubeSmart Profile
(
Free Report)
CubeSmart is a self-administered and self-managed real estate investment trust. The Company's self-storage properties are designed to offer affordable, easily accessible and, in most locations, climate-controlled storage space for residential and commercial customers. According to the 2023 Self-Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the United States.
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